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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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Asked 01/12/2009 01:34 pm CT (Griffin, GA)

Hello, I originally had my mortgage through Homebanc and then it was sold to Chase. My original mortgage payment was $1259 per month. Due to a miscalculation in taxes my mortgage payment was increased to $1457.10. Chase told me that my mortgage payment would go back down after 1 year. Unfortunately my mortgage was sold to American Home Mortgage Servicing Inc. It has been over 1 year since my payment went up so I called AHMSI to find out why my payment has not gone back down and they said I am paying the absolute minimum. Is there anything I can do to get my payment back down to what it was when I first bought the house? --Mike Sciacca

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Mike: You should have your servicer send you an analysis of your escrow account from the time the p...

[ Total Answers: 1 ]

 
 

Asked 01/09/2009 09:36 am CT (Nashville, TN)

If I got a first mortgage loan at a reduced rate but am a traveling nurse and lease my home - can the lender foreclose on my loan

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That's a possibility but a VERY slim one. I doubt that the lender would want to own any more proper...

[ Total Answers: 1 ]

 
 

Asked 01/08/2009 07:06 pm CT (New York, NY)

Three-four years ago my mother deeded to my father and then my father to me through an irrevocable trust with my mother as the lifetime beneficiary. My mother has Alzheimer's and was in need of homecare services. The house now needs repairs and I am attempting to get a home equity loan for the trust. I understand that it is not sound to have a new deed as we would lose the benefits of the trust. I live in the home with my mom. The property is mortgage free. My credit score is 647. I had 4 judgments and a tax lien - all of which have paid over the past 4 years. I need about $30,000 but understand that many banks would not offer such a small amount. Any ideas, please.

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Asked 01/08/2009 06:50 pm CT (Edina, MN)

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house.

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You could sell the Florida property, or refinance your current home and paf off the Florida propertr...

[ Total Answers: 1 ]

 
 

Asked 01/05/2009 08:24 pm CT (Blaine, MN)

I bought a house with a friend out of college 4 years ago. Since then we have refinanced the 2nd Mortgage under just his name due to credit score reasons at the time. I recently got married and we were able to get the 1st mortgage in both me and my wife's name, however, the 2nd mortgage carrier wouldn't allow me and my wife to "assume" the 2nd mortgage from my friend and release his name entirely. So we now have a 1st mortgage with me and my wife's name on it, and a 2nd mortgage with just my friend's name on it. The question is: My friend now wants to move out, and we owe more than what the house is worth. Me and the wife plan on staying in the house, but due to a recent drop in pay we are unable to afford the 2nd mortgage that my friend currently pays. My friend has talked about just walking away because there is no reason for him to stay, and he doesn't care that it will affect his credit significantly. I'm assuming this will also affect me and my wife if he walks, but how? Does the 2nd Mortgage carrier then file for foreclosure and being we owe more on the house than it is worth would the 2nd mortgage carrier still buy out the first mortgage carrier and foreclose entirely? Should I have my friend try to negotiate with the 2nd mortgage carrier to lower the amount of $$$ owed? What do you suggest we do? Thank you!

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If the 2nd mortgage is secured by the home you are living in, and that mortgage goes into default, t...

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Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

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Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

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The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

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Asked 01/01/2009 09:55 pm CT (Kansas City, MO)

Currently the mortgage is in my name. Since I am not working can my wife refinance only under her name? She is on the title but I was the one that took out a loan. Is it possible to have my wife to refinance the house under her name only?

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Yes it is possible if she is currently on title and you can show vested interest for her in the prop...

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Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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Hello - I just looked at the amortization schedule using your numbers and it makes a lot of sense to...

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Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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I think you would be best staying where you are. If you can afford to make an extra payment each ye...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:28 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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Hi Ginger, If you haven't refinanced yet, it absolutely makes sense to do so. You can lower your ...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:27 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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The problem you are going to have is finding anyone that will actually do the loan for you since you...

[ Total Answers: 1 ]

 
 

Asked 01/01/2009 11:27 am CT (San Francisco, CA)

My mortgage is at 6.875%. I owe $43,000 on it. It is 15 years old.And a 30 year mortgage. My question: Does it make sense to \\\"refinance \\\" at a lower rate so for a 15 year fixed loan? My concerns are that right now I am paying More principal with each payment since the loan is seasoned...Does this matter.Please advise. Ginger Thank You

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I think you would be best staying where you are. If you can afford to make an extra payment each yea...

[ Total Answers: 1 ]

 
 

Asked 12/31/2008 09:05 am CT (Fresno, CA)

I have over 30 years in the mortgage business and I am looking for a company that has a wide variety of programs including the ability to do FHA, having competitive rates, nationwide lending and is willing to work with a home office set-up. Does anyone have any recommendations? Thanks

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You may want to look at Countrywide/Bank of America. I've been in the industry for 8 years and with ...

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Asked 12/29/2008 08:40 am CT (Reston, VA)

Hi, I need to find out is it possible to ask our mortgage lender to skip a month payment?. My husband were out of job and we ended moved to Virginia 2 years ago from Hawaii when he got a job here. We have a house in Hawaii. Tried to sell it but no luck. We survived paying our mortgage by renting it out. 3 months ago our house was vacant again and we were struggling to find a tenant. Finally we got one unfortunately they going to move at the end of the month which will put us no money left to pay mortgage for this month. My question is, is it possible if we ask the mortgage lender to skip a monht payment knowing the money will come in next month forward?. We never miss our payment so far. This is consider our only house since we are renting in Virginia now. Thank you so much.

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Norlidah, thank you for your question. First of let me explain a bit about your mortgage payment. Y...

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Asked 12/22/2008 08:50 pm CT (Atlanta, GA)

NEED INFORMATION ON OPTIONS FOR PAST DUE 2ND MORTGAGE. I HAVE 2 MORTGAGES MY FIRST MORTGAGE I DID A MODIFICATION ON IT AND I AM CURRENT ON IT. MY SECOND MORTGAGE COMPANY DID NOT OFFER ANY RELEIF OR LOAN MODIFICATION PROGRAMS. I AM NOT ABLE TO REPAY THE PAST DUE BALANCES TO BRING IT CURRENT. THEY HAVE SENT THE ACCOUNT TO AN ATTORNEY. DO I HAVE ANY OPTIONS?

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Asked 12/19/2008 10:07 am CT (Orlando, FL)

How can I lower my mortgage payment without refinancing and what is a loan modification?

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You would have to talk to your Lender to see if they are offering any type of "Loan Modification". ...

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Asked 12/19/2008 09:51 am CT (Chicago, IL)

how long does it take for new morgtgage company to pay off old mortgage company after a refinance

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Hi Sherri, It takes about 1 week from the day you close for your old mortgage company to receive ...

[ Total Answers: 1 ]

 
 

Asked 12/19/2008 09:51 am CT (Chicago, IL)

how long does it take for new morgtgage company to pay off old mortgage company after a refinance

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